WEST Significant runoff has elevated hydro generation in the Pacific North-west to its highest levels for the year so far, which, together with light de-mand, have suppressed index prices in May. For the month, Day Ahead prices in SP15 and Mid-C are averaging $17.34/MWh and $11.17/MWh, respectively. In the term market, prices are down for all terms as SoCal Gas has noted no shortage of natural gas supply to power plants.
ERCOT With some triple-digit exceptions on May 8, real-time prices over the past week have been in the low $20s/MWh for the most part. Basis for May has contracted of late in the West Load Zone but has grown in the South Load Zone, having settled at $14.00/MWh there. The ORDC adder has been minimal, and heat rates have slightly muted the increase in term gas prices to raise term prices modestly out the curve. Weather should be normal next week, so real-time prices should not see a great deal of volatility.
EAST Despite record low temperatures in the Northeast last weekend, prices held steady and remain at record lows of their own. RT printed approxi-mately $1.50/MWh higher than DA over the weekend across the main trad-ing hubs with the exception of Mass Hub, where it came in below DA by $1.38/MWh.